Fall 2007, Vol. 32, No. 2 features

Abstract: Does the probability of rezoning lead to a flawed rezoning process? Do the barriers presented by the concept of legal permissibility violate the perfectly competitive conditions of the market? As a companion article to “Comments on the Concept and Definition of Highest and Best Use,” which appeared in the Spring 2007 edition of Real Estate Issues, this perspective discusses how the “Probability of Rezoning” can impact the financial feasibility of a property, and how authorities of a local jurisdiction, utilizing legal permissibility, have the power in the zoning ordinance to impose restrictions on land use.